This invention relates to a process for converting a solid carbonaceous material to a liquid product in which a slurry composed of said solid carbonaceous material, together with hydrogen, is heated at elevated temperatures and elevated pressures in the presence of a substantially phosphate-free catalyst comprising a hydrogenating component selected from the group consisting of Group VI and Group VIII metals, their oxides and sulfides, supported on a non-zeolitic carrier, which catalyst is promoted with a minor amount of a Group IV-B metal.